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updated —TAO Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~27d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+4.92%
7d Period Avg+21.52%
swing±23.58%
LONG Phemex · now
+6.04%
7d avg:−11.95%
SHORT Hyperliquid · now
+10.96%
7d avg:+9.57%
Entry Spread Now
+0.010%
In your favorL ask 208.0000 · S bid 208.0200+$0.96 at entry
24h range −0.39%…+0.17% · median −0.01%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$4.86
+0.05%
$Avg Daily PnL
+$5.87
+0.0587%
★Best Day
+$16.27
Nov 8
◎Open Interest
Phemex$2.33M
Hyperliquid$24.27M⚡Funding APR
+21.42%
annualized · funding only
⚠Execution Cost
−$36.21
entry + exit fees
⏱Payback
6.2d
to break even
◧24h Volume
Phemex$7.45MHyperliquid$5.54MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + live L2 orderbook slippage on both legs (−$36.21 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.